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Popular Word Problems >

Devon has invested 1400 into an account with a 6% APR compounding monthly. What will the balance be after 3 years if left alone? Round to the nearest cent.

Solução

De v o n ha s in v es t e d 1400 in t o an a cco u n t w i t h a 6% A PR co m p o u n d in g m o n t h l y . Wha t w i ll t h e ba l an ce b e a f t er 3 ye a rs i f l e f t a l o n e ? R o u n d t o t h e n e a res t ce n t .

Solução

Amount : 1675.35

Passos da solução

Translate the problem into an equation:

A = 1400 (1 + \frac{0.06}{12})^{12 \cdot 3}

1400 (1 + \frac{0.06}{12})^{12 \cdot 3} = 1675.35273 \dots

Round to the nearest hundredth:

1675.35

Amount : 1675.35

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